500 million euro platform provides much needed capital to address Irish housing shortage
LONDON, Aug. 24, 2015 /PRNewswire/ -- BNY Mellon, a global leader in investment management and investment services, has been appointed account bank for Activate Capital lending platform, a €500 million home-building joint venture between the Ireland Strategic Investment Fund (ISIF) and KKR.
Activate Capital will help increase Ireland's housing supply by lending to Irish residential development projects. It will be capable of financing the construction of over 11,000 new homes in Ireland and create an average of 1,900 full-time jobs per annum. The new platform will lend on a commercial basis to projects, providing home-building companies with cost effective loans for up to 90 per cent of the total financing requirement.
The ISIF will contribute €325 million towards the joint venture, making it the biggest single investment undertaken by the ISIF so far. KKR will provide the remaining €175 million.
"As a major participant in Ireland's financial services industry we are well placed to support our clients in this venture," said Dean Fletcher, Head of Corporate Trust EMEA at BNY Mellon. "Rejuvenating the housing sector will help stimulate the Irish property market and broader economy."
BNY Mellon is a key participant in Ireland's financial markets and opened its first office in Ireland in 1994. It currently employs 1,700 employees in Ireland located in Cork, Wexford and Dublin, and offers a broad range of services to traditional and alternative asset managers, banks, pension funds, insurance companies and corporates. In Ireland, BNY Mellon offers a range of services including asset servicing, alternative investment services, depositary receipts and corporate trust. Pershing, a subsidiary of BNY Mellon, also has a presence in Ireland.
Notes to editors:
About the ISIF
The €7.6 billion ISIF was established in December 2014 with a statutory mandate to invest on a commercial basis in a manner designed to support economic activity and employment in the State. The fund has made investment commitments to date of €1.5 billion (including National Pensions Reserve Fund investments prior to December 2014 when the ISIF was established and NPRF assets transferred to it) and plans to deploy the remainder over the coming years as suitable investment opportunities are identified.
BNY Mellon is a leading provider of corporate trust services to the debt capital markets, offering customized and market-driven solutions to investors, bondholders and lenders. As of June 30, 2015, BNY Mellon Corporate Trust served as trustee and/or paying agent on more than 60,000 debt-related issues globally. The corporate trust business utilizes its global footprint and expertise to deliver a full range of issuer and related investor services including trustee, paying agency, fiduciary, escrow, and other financial services. The business administers a wide array of assets and types of programs to multinational corporations, financial institutions, governments and their agencies, and the banking, securities, and insurance industries.
BNY Mellon is a global investments company dedicated to helping its clients manage and service their financial assets throughout the investment lifecycle. Whether providing financial services for institutions, corporations or individual investors, BNY Mellon delivers informed investment management and investment services in 35 countries and more than 100 markets. As of June 30, 2015, BNY Mellon had $28.6 trillion in assets under custody and/or administration, and $1.7 trillion in assets under management. BNY Mellon can act as a single point of contact for clients looking to create, trade, hold, manage, service, distribute or restructure investments. BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation (NYSE: BK). Additional information is available on www.bnymellon.com. Follow us on Twitter @BNYMellon or visit our newsroom at www.bnymellon.com/newsroom for the latest company news.
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All information and figures source BNY Mellon unless otherwise stated as at June 30, 2015.
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